Workhorse Appoints Jody Davis as Chief Financial Officer

Seasoned capital markets and manufacturing finance executive succeeds current CFO Bob Ginnan who is retiring

DETROIT, July 13, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse”), a North American OEM and provider of all-electric trucks, step vans, shuttles and buses, today announced the appointment of Jody Davis as Chief Financial Officer (CFO), replacing current CFO Bob Ginnan, who is retiring.

Davis is a finance executive with approximately 15 years of finance leadership experience across manufacturing, energy storage, aerospace, and technology companies, with a track record of closing large capital rounds and guiding development-stage businesses into full production. His experience includes roles in strategic finance, capital formation, capital markets, treasury, financial planning & analytics, as well as building the finance infrastructure needed to support capital intensive companies as they move from development into commercialization and production.

“Jody is a company-builder who has deep and direct experience in numerous areas that are critical to Workhorse at this stage in our journey,” said Scott Griffith, CEO of Workhorse. “His experience raising later-stage growth capital combined with experience developing relationships with analysts and investors will be a strong addition to the Workhorse leadership team. We believe he’s the right CFO for where we are and where we’re going.”

Immediately prior to joining Workhorse, Davis served as Vice President of Strategic Finance at Unimacts, where he led financing initiatives across multiple entities within a complex capital structure. Previously, he served as Chief Financial Officer of Evio, formerly EOS Aircraft Inc., a hybrid-electric regional aircraft program, where he led the strategic repositioning of the business to Montreal, Canada as part of an Industrial and Technological Benefits (ITB) partnership with Boeing Canada. In connection with that transition, he built integrated financial models linking design, production and certification milestones to capital deployment.

Davis was part of the founding team and served as Chief Financial Officer of Our Next Energy, Inc., (ONE), a Michigan-based LFP battery innovator. During his time with the company, ONE scaled from pre-seed stage to production while expanding to approximately 500 employees, and Davis built the finance, human resources, financial planning & analytics functions needed to support this rapid growth. He played a key role across capital formation, various debt structures, investor diligence, board reporting, treasury, working capital discipline, and manufacturing scale-up.

“Workhorse is at an inflection point. I believe it has something rare: a product that already wins on real operator economics, a commercial-grade manufacturing facility, and a customer base that includes many of the largest medium-duty fleets in North America,” said Davis. “Workhorse is in the early stages of an exciting growth plan, and with the right capital partners, I believe there is significant upside ahead. My focus will be to bring in those partners and work to maintain a financial architecture that keeps pace with the opportunity: the right capital structure, rigorous cost management, and the systems that give Workhorse’s team, customers and investors the visibility they need. I’m thrilled to join the Workhorse team and look forward to getting to work.”

The Company believes Davis’ background is well-suited to help Workhorse achieve its near-term priorities, including securing additional growth capital, developing relationships with analysts and institutional investors, and accelerating cost reductions on the W56 and next-generation Class 5–6 platforms. Davis replaces current CFO Bob Ginnan, who is retiring. Ginnan served as CFO at Workhorse since January, 2022, helping the company navigate through several key corporate financial events, including capital raises, a divestiture and the merger with Motiv Electric Trucks.

“I want to thank Bob for his years of leadership and tireless work, including his most recent efforts to assist with finalizing and closing the Workhorse-Motiv merger and his efforts to lead several key aspects of integration,” said Griffith. “We all wish him well.”

About Workhorse Group Inc.

Headquartered in the Detroit area with a commercial-scale manufacturing plant in Union City, Indiana, Workhorse (Nasdaq: WKHS) is redefining what a medium-duty truck should be. Workhorse builds software-first, electric trucks, shuttles and buses that are powerful, cost-efficient, reliable, safe and comfortable — all with zero tailpipe emissions. Our deep experience building electric vehicles at scale drives intentional innovations designed to help customers lower operating costs, improve fleet performance, enhance the driver experience, and maximize uptime without compromise. More information is available at www.workhorse.com.

Media Relations Contacts:

Workhorse
John Williams, Communications
+1-206-660-5503, john.williams@workhorse.com

ICR, Inc.
workhorse@icrinc.com

Investor Relations Contact:
ir@workhorse.com

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that are not historical facts, including statements regarding the impact of Mr. Davis’ appointment, and those regarding the Company's achievement of its priorities and its other plans, objectives, expectations, business strategies, future operations, financial performance, prospects, and other future events or developments, are forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, and estimates as of the date of this press release and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties are described in greater detail under the caption "Risk Factors" in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92a2014d-8229-4cbb-a588-2b25e1a0886b

Jody Davis, Chief Financial Officer at Workhorse

Jody Davis joins Workhorse as CFO, replacing current CFO Bob Ginnan, who is retiring.

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